Shanghai’s Economy Pounded in April by Covid Lockdowns

Shanghai’s long-running Covid lockdowns hammered the economy of China’s largest city, based on key indicators of business and industrial activity.

April industrial output in Shanghai plummeted 61.6% from the same month a year earlier to 136.4 billion yuan ($20.2 billion), dragging down industrial production for the first four months by 12.6% year-on-year, according to data from the city’s statistics authority. Fixed-asset investment in the city dropped 11.3% in the first four months.